Amended Annual Report (10-k/a)

Date : 04/08/2019 @ 9:38PM
Source : Edgar (US Regulatory)
Stock : Tel-Instrument Electronics Corp. (TIKK)
Quote : 2.35  -0.15 (-6.00%) @ 7:28PM

Amended Annual Report (10-k/a)



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549  

 


 

FORM 10-K/A  

(Amendment No. 1)

 


 

Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the fiscal year ended March 31, 2018

 

Commission File No. 001-31990

 

TEL-INSTRUMENT ELECTRONICS CORP.

(Exact name of Registrant as specified in its charter)

 

New Jersey

22-1441806

(State of incorporation)  

(IRS Employer Identification Number)

 

 

One Branca Road

East Rutherford, New  Jersey

07073

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code:    (201) 933-1600

 

Securities registered pursuant to Section 12(b) of the Act: None

 

Securities registered pursuant to Section 12(g) of the Act: Common Stock $.10 par value

   

 

Indicate by checkmark if registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes ☐ No ☒

 

Indicate by checkmark if registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes ☐ No ☒

 

Indicate by checkmark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒ No ☐

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ☒

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller  reporting  company,  or an emerging  growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

☐ 

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if  the registrant  has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided  pursuant  to Section  7(a)(2)(B) of  the Securities Act.  ☐ 

 

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Act).  Yes ☐ No ☒

 

The aggregate market value of the voting and non-voting common stock held by non-affiliates on September 30, 2017 (the last business day of our most recently completed second fiscal quarter) was $5,899,441 based on the closing price of $3.45 on September 30, 2017.

 

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date: 3,255,887 shares of common stock, par value $0.10 per share, were outstanding as of July 9, 2018.

 

 

 

 

 

EXPLANATORY NOTE

 

 

Tel-Instrument Electronics Corp. (referred to as “we,” “us,” “our,” or the “Company”) is filing this Amendment No. 1 on Form 10-K/A (this “Amendment No. 1”) to the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2018, as filed with the Securities and Exchange Commission (the “SEC”) on July 16, 2018 (the “Original Form 10-K”). This Amendment No. 1 amends the Original Form 10-K to provide the conclusions of our principal executive and principal financial officers regarding the effectiveness of our disclosure controls and procedures as of the end of the fiscal year ended March 31, 2018 in accordance with Item 307 of Regulation S-K as disclosed in Item 9A. -  Controls and Procedures

 

Except as described above, no other changes have been made to the Original Form 10-K and continue to speak as of their respective dates. Other forward-looking statements made in the Original Form 10-K have not been revised to reflect events, results or developments that occurred or facts that became known to the Company after the date of the Original Form 10-K, and such forward-looking statements should be read in conjunction with the Original Form 10-K and the Company’s filings with the SEC subsequent to the Original Form 10-K, including Amendment No. 1. Accordingly, this Amendment No. 1 should be read in conjunction with the Original Form 10-K.

 

In connection with the filing of this Amendment No. 1 and pursuant to the rules of the SEC, the Company is including with this Amendment No. 1 currently dated certifications, required by Rule 13a-14(a) under the Securities and Exchange Act of 1934, as amended, by its principal executive officer and principal financial officer. Because no financial statements are contained within this Amendment, we are not including new certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

 

 

 

 

Item 9A.          Controls and Procedures

 

a) Evaluation of disclosure controls and procedures.

 

As of March 31, 2018, management performed, with the participation of our Chief Executive Officer and Principal Accounting Officer, an evaluation of the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e) and 15d-15(f) under the Securities Exchange Act of 1934.  Our disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Principal Accounting Officer, as appropriate to allow timely decisions regarding required disclosures. The Company is considered a smaller reporting company under the appropriate SEC guidance and is currently exempt, based on Section 404(b), from attestation requirements on their internal control over financial reporting .   Based on the evaluation required by Rule 13a-15(b) under the Securities Exchange Act of 1934, our Chief Executive Officer and Principal Accounting Officer concluded that as of March 31, 2018, such disclosure controls and procedures were effective.

 

b) Management’s Annual Report on Internal Control over Financial Reporting 

 

Tel’s management is responsible for establishing and maintaining an adequate system of internal control over financial reporting, as defined in Rule 13a-15(f) under the Exchange Act.  The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with Generally Accepted Accounting Principles (“GAAP”). 

 

Because of its inherent limitations, a system of internal control over financial reporting can provide only reasonable assurance of such reliability and may not prevent or detect misstatements.  Also, projection of any evaluation of effectiveness to future periods is subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Management has assessed the effectiveness of the Company’s internal control over financial reporting as of March 31, 2018. In making this assessment, Management used the criteria set forth in the framework established by the Committee of Sponsoring Organizations of the Treadway Commission 2013 Internal Control - Integrated Framework (“COSO”). Based on this assessment, Management has not identified any material weaknesses or significant deficiencies. A material weakness is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important enough to merit attention by those responsible for oversight of the company’s financial reporting.

 

Management has concluded that the Company did maintain effective internal control over financial reporting as of March 31, 2018, based on the criteria set forth in 2013 Internal Control—Integrated Framework issued by the COSO.

 

c) Changes in Internal Control over Financial Reporting  

 

There were no changes in our internal control over financial reporting that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect our internal controls over financial reporting.

 

ITEM 15.

EXHIBITS, FINANCIAL STATEMENT SCHEDULES.

 

Item 15. Exhibits

 

Number

 

Description

 

 

 

31.1*

 

Certification of Chief Executive Officer and President Pursuant to Exchange Act Rule 13a-14(a), As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2*

 

Certification of Chief Financial Officer Pursuant to Exchange Act Rule 13a-14(a), As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

 * Filed herewith

 

 

 

 

Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

TEL-INSTRUMENT ELECTRONICS CORP.

 

 

 

 

 

 

 

 

 

 

Date: April 8, 2019

 

By:

 /s/ Jeffrey C. O’Hara

 

 

 

 

Name: Jeffrey C. O’Hara

 

 

 

 

Title:   Chief Executive Officer

            (Principal Executive Officer)

 

 

 

 

 

 

 

 

Date: April 8, 2019

 

By:

 /s/ Joseph P. Macaluso

 

 

 

 

Name: Joseph P. Macaluso

 

 

 

 

Title:   Principal Financial Officer

           (Principal Financial Officer) 

           (Principal Accounting Officer)

 

 

 

 
 

 

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